NASHUA, NH (USA), May 2007 - SkillSoft PLC has announced that it has completed the acquisition of NETg from the Thomson Corporation for approximately $270 million in cash, subject to customary post-closing adjustments. The combined entity will offer a robust multi-modal solution that includes online courses, simulations, video programs, and digitized books as well as complementary learning technologies.
The acquisition supports SkillSoft's mission to deliver the most comprehensive and highest-quality learning solutions and positions the company to best serve the demands of this growing marketplace.
"The acquisition of NETg from The Thomson Corporation will result in clear benefits that we believe will create substantial long-term customer and shareholder value," said Chuck Moran, SkillSoft's President, Chief Executive Officer and Chairman. "By significantly expanding our customer base and the products we offer, we will be able to devote more funding and resources to the research and development of new product areas. This further strengthens SkillSoft's ability to deliver on our mission of connected learning to our many clients around the world."
With the addition of over 1,000 selected NETg course titles covering subjects that have not been addressed by SkillSoft's pre-existing courseware library, SkillSoft will now offer over 6,000 eLearning courses in nineteen languages, over 14,000 unabridged IT and business books, summaries and executive reports, and more than 400 Leadership Development Channel video programs.
SkillSoft will also be incorporating the NETg virtual instructor-led training solutions under the name of SkillSoft Live LearningTM. SkillSoft plans to support the NETg content on its flagship learning management system SkillPortTM and intends to integrate SkillSoft content with the major NETg learning management platforms.
These product integration efforts will enable each customer base to receive timely access to the content offered by both companies, while SkillSoft executes toward its long-term goal of offering a single unified LMS platform. Both integration efforts are expected to be completed in SkillSoft's third quarter of the fiscal year ending January 31, 2008.
With the requisite critical mass and scale to ensure continuous innovation and comprehensive eLearning solutions on a global basis, SkillSoft is positioned to address a wide range of training needs for functional areas across its customers' organizations. The company now has an extensive customer-facing organization, and a combined customer base of over 3,000 organizations.
